Crane Signs Agreement with GE and Boeing

Crane, a diversified manufacturer of highly engineered industrial products, announced that it had executed agreements with GE Aviation Systems and The Boeing Company resolving its claims relating to the brake control monitoring system for the Boeing 787.

Under the agreements, Crane said its supply contract will now be direct to Boeing, and Crane will resume work, on a funded basis, on a modified version of the brake control monitoring system. Crane will receive payments aggregating $18.9 million in early 2010 associated with its claims. In conjunction with this agreement, Crane will record an EPS benefit of approximately $0.18 per share in the fourth quarter of 2009. This benefit was not included in the Company's earnings guidance issued on October 26, of GAAP EPS for the full year 2009 of $1.90-$2.05.

"We are very pleased to have resolved this matter," said Eric Fast, Crane President and CEO. "We look forward to continuing our traditional successful supplier relationship with Boeing and working with GE on the landing gear system."

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